The Bureau of the Treasury says strong demand helped lower interest rates.
MANILA, Philippines – The Marcos administration borrowed $3 billion through a triple-tranche fixed rate global bonds offering, proceeds of which will mainly be for government budgetary support.$500 million- 5.5 years at 4.625%The Bureau of the Treasury on Tuesday, January 10, said that final prices were lower compared to the guide prices due to high demand. They were also able to upsize the transaction from an initial target issue size of $2 billion, citing “improved market sentiments.
For the 5.5-year and 10.5-year tranches, the final price is lower by 50 basis points from the guide price. For the 25-year offer, it was lower by 45 bps. The transaction is expected to settle on January 17. The global bonds are expected to be rated Baa2 by Moody’s, BBB+ by Standard & Poor’s, and BBB by Fitch.
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